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GS - Follow the Monsters that Lead This Market...

NEW 2017 LOWS PREMARKET

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#1 SemiBizz

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Posted 18 May 2017 - 07:30 AM

GS LEADS THIS MARKET...

 

 From Today's GS Forecast:

 

 

Monday's Forecast:

 

GS - INSIDE DAY ON LIGHTER VOLUME - Another SIDEWAYS DAY... GS is still 33 points off this last high now and is not moving, but it is much closer to the last low of 213.18 than it is the 255.15 previous all time high, so from a proximity viewpoint, there are stronger odds of pushing lower now to test the last low, especially since that low represents the STRONGEST VOLUME LOW in almost 4 years, and strong volume pivots always want to be tested.  The bull market for GS looks like it's over at this point, and GS is consolidating while the rest of the market finishes off the rally

 

 

 

So as we said, high volume pivots always want to be tested, and today - just a few days after we wrote the above, we saw that test in action as GS gets under the previous high volume low on lighter volume at 213.12 - tries to bounce on a bullish spring but closed the day at 213.72... So we have a 2017 Low and Closing low for GS.   We're looking for this to bounce at some point, maybe even tomorrow, but the damage is done here and we think this is well on it's way to a basing pattern just under 210... we'll say 206-210.  Now we did have a long period of distribution and consolidation in GS, and as we mentioned, it never made any serious retracement towards the last all time high at 255.  So we think a little more down and more sideways distribution and then we'll see if they can put together a rally.  It's very possible that there won't be a rally also, because as we expressed to you THIS STOCK LEADS THE MARKET - not the other way around.  GS closed at 213 - we see resistance at 215,218, 221 and support at 212, 210, 208, 204.

 

 

I will be publishing a longer term forecast for GS over the weekend...


Edited by SemiBizz, 18 May 2017 - 07:31 AM.

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#2 SemiBizz

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Posted 18 May 2017 - 08:37 AM

Yesterday's Negative Closing Tick set up the outlook for a bounce today:

 

SPX GAP DOWN SLAM ON MUCH STRONGER VOLUME BEHIND WASHINGTON TURMOIL - closes at 2357 or down 43 points on the day and just a point off the low.  Now we do have a strong negative closing  tick of -570 and those usually produce a bounce the next day, so that's what we'll be expecting tomorrow.  BIG DAMAGE was done today, and we expect some follow through, and we could even go lower early tomorrow on this close on low setup

 


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#3 SemiBizz

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Posted 18 May 2017 - 08:52 AM

Just a friendly reminder...

Crashes come from deeply oversold conditions...

and that's where we are right now...


Not saying it will happen, saying ... be very careful.


and just watch GS, it will not mislead you.
 


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#4 SemiBizz

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Posted 18 May 2017 - 09:09 AM

As silly as this sounds here it's not round number analysis, just happened that way.

 

Nasdaq:

 

R1 6050

 

R2 6100

 

(Daily Chart)


Price and Volume Forensics Specialist

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#5 SemiBizz

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Posted 18 May 2017 - 09:42 AM

Today we have AMAT earnings after the bell, and they are BUYING THE MYSTERY, AMAT up almost a buck now...

 

from Today's SOX:

 

Looks like another test of 1052 coming.

 

SOX GAPS DOWN BIG OFF THE HIGH AND IS SLAMMED ON STRONGER VOLUME and closed at 1029, down a whopping 47 points on the day... so we do expect a bounce at some time tomorrow per the closing tick signal, but there was structural damage here... and we could run right back down and test that baseline 1000...trading range - from 990-1006 from here.  SOXX closed at 1029 - and we see resistance at 1031, 1034, 1037, 1040, 1042, 1045, 1048, 1052 (and consolidated 1052 today as we said it would)

 


Edited by SemiBizz, 18 May 2017 - 09:43 AM.

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#6 SemiBizz

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Posted 18 May 2017 - 10:06 AM

As silly as this sounds here it's not round number analysis, just happened that way.

 

Nasdaq:

 

R1 6050

 

R2 6100

 

(Daily Chart)

 

So a .618 retracement of the move down would give us a target of 6103...

 

Confluence


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#7 SemiBizz

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Posted 18 May 2017 - 10:12 AM

 

If you look closely you will see 4 candles in proximity to each other with highs around 6100...

 

I refer to this as a PLATFORM of highs... important support and resistance PLATFORMS...

 

So that's where the 6100 comes from in addition to VOLUME reasons.


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#8 opinionated

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Posted 18 May 2017 - 10:24 AM

Thanks Tom your very kind to always share your opinion from your sub service.

God bless my friend

#9 SemiBizz

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Posted 18 May 2017 - 11:06 AM

Thanks Keith...

 

So GS is heading for yesterday's low of 213.12 here

 

If it does test, that's going to be on lighter volume on the daily as it stands now...

 

We'll see if we get a bounce off it.

 

$Yen choking on It here.


Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

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#10 SemiBizz

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Posted 18 May 2017 - 01:32 PM

 

If you look closely you will see 4 candles in proximity to each other with highs around 6100...

 

I refer to this as a PLATFORM of highs... important support and resistance PLATFORMS...

 

So that's where the 6100 comes from in addition to VOLUME reasons.

 

There's a little resistance between 6076-6083here, could be enough to generate another retracement


Price and Volume Forensics Specialist

Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"

Volume is the only vote that matters... the ultimate sentiment poll.

http://twitter.com/tradingcoach1